motorhaven - 7:19 pm on May 24, 2013 (gmt 0)
Middle class hypocrisy? Gimme a break. It's not like the middle class has anything to do with the structure of Americas tax system so how are they being hypocritical?
Home mortgage interest deduction, child care credit, saver's tax credit, 10% and 15% brackets pay no capital gains and dividend tax, college tuition credit for those earning $160K or less as a couple, lifelong learning credit for couple making $120K or less, etc.
If what you are saying is true then it means the poorest americans are paying more than their fair share of tax, and from everything I've read that is exactly the case. And that's not just hypocritical it is obscene, but that's just my opinion.
The very poorest Americans pay no federal income tax at all - they actually get money via the earned income credit. Close to half of all Americans pay no federal income taxes. 40% prior to the recession, by 2009 that number was 51%, and by 2011 it had dropped to 46%. The poorest 5th (20% bottom earners) pay about 4% in Federal income taxes, the next 20% about 10.6%.
In 1986 the top 10% paid 54.6% of all Federal income taxes. Today that number is 70.6%. The remaining 90% pay 29.4% of all Federal income taxes.
So tell me again.... who's paying more than their "fair share?"